Central Bank acted lawfully over war bonds, says Makhlouf

Gabriel Makhlouf, Governor of the Central Bank of Ireland, has defended the institution's actions concerning controversial Israeli war bonds, insisting they acted lawfully. Appearing before the Oireachtas Finance Committee, Makhlouf acknowledged the Israeli Bond Programme's importance to the Irish public but rejected claims that the bank could have prevented the bonds' issuance last year or can prevent their issuance this year.

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these bonds were not marketed in Ireland last year at all

Makhlouf pointed out that the bonds were not marketed in Ireland in the previous year and asserted there were "no grounds to refuse the transfer of the approval process." He addressed suggestions that the Central Bank could refuse to approve a prospectus, or its transfer, based on provisional rulings by the International Court of Justice (ICJ) in the ongoing case brought by South Africa against Israel.

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no grounds to refuse the transfer of the approval process

He emphasized that these ICJ cases are still ongoing, with no final judgments made. "While these cases could lead to EU sanctions being imposed upon Israel, as matters stand there are no EU sanctions imposed upon Israel restricting its ability to issue securities," Makhlouf stated, contrasting this with sanctions imposed on Russia. He stressed his obligation to adhere to relevant laws, even if it proves difficult or frustrating.

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While these cases could lead to EU sanctions being imposed upon Israel, as matters stand there are no EU sanctions imposed upon Israel restricting its ability to issue securities.

Senator Alice Mary-Higgins suggested that failing to block the war bonds breached international law prohibiting funding genocide, given Israel's actions in Gaza. She accused the bank of a "piecemeal" and "dismissive approach" stemming from a "fundamental misunderstanding" of the facts. Sinn Féin TD Pearse Doherty also questioned the bank's actions in light of the UN Genocide Convention. While Makhlouf described Israel's "collective punishment" of Palestinians as "awful," he declined to be drawn further.

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I am not aware if the other side has responded